New Application Deadline and Updates for the Regional Relief and Recovery Fund (RRRF)
In response to the ongoing needs of small- and medium-sized (SMEs) in our community, the Regional Relief and Recovery Fund (RRRF) provided by the Government of Canada is continuing to offer financial support to women-owned and -led enterprises. The objective of this program is to assist western Canadian SMEs that do not qualify for federal government funding supports such as the Canada Emergency Business Account (CEBA), the Business Credit Availability Program (BCAP), and others (see below).
WECM continues to provide Regional Relief and Recovery Fund (RRRF) supports, application submissions, and loan aftercare for eligible women-owned enterprises struggling to meet working capital needs and to help alleviate financial hardship resulting from COVID-19.
Along with this new RRRF Program support, we look forward to providing assistance to women entrepreneurs province-wide through our business advisory services and our startup and expansion loans.
ELIGIBILITY CRITERIA:
A woman (or women) who own and control at least 50% of a business that is located and registered in Manitoba
A Canadian citizen or Permanent Resident
Eligible Applicants include Sole proprietors, Partnerships, Social Enterprises and Corporations
Applications are submitted by the deadline of June 30, 2021 (any change in extending this deadline will be communicated directly)
LOAN PARAMETERS:
Maximum assistance is up to $60,000
If applicants are seeking the additional $20,000 loan over and above the original $40,000 RRRF loan they were approved for, this new program is only available to clients who received their original loan through WECM. (NOTE: if you were approved for RRRF financing at another institution, we recommend you contact that lender to see if you qualify for the top-up program.)
0% interest and no payments until December 31, 2022
Principal payments can be made voluntarily at any time
If the loan is not repaid by December 31, 2022, the loan will be converted to a 3-year term with interest rates of 5% effective January 1, 2023. The full balance must be repaid no later than December 31, 2025
If the balance is repaid on or before December 31, 2022, the following percentage of the contribution becomes a forgivable grant:
25% (not to exceed $10,000) on the first $40,000
50% on the amounts above $40,000 and up to $60,000 (not to exceed $10,000)
ELIGIBLE COSTS FOR SUPPORT:
Salaries and benefits on amounts not already covered through the Canada Emergency Wage Subsidy (CEWS)
Property taxes
Rent or lease payments on amounts not already covered through the Canadian Emergency Commercial Rent Assistance (CECRA) for Small Business
Utilities
Cleaning supplies and additional safety measures
Bank interest/charges
Office supplies and vehicle operating expenses
Lease payments for existing equipment and machinery
Professional fees
Insurance
Other eligible expenses associated with retooling, rethinking workflows, automation, robotics, developing new markets, etc.
RESTRICTIONS:
Must have been an existing, viable business prior to COVID-19 March 1, 2020 (please talk to one of our Business Advisors on whether or not you meet this criteria)
Must not have received any other federal relief supports for the same expenditures
Must not have received other federal government COVID-19 loan accounts such as:
Canada Emergency Business Account (CEBA)
Business Credit Availability Program (BCAP)
Emergency Loan Program for Indigenous Businesses
RRRF – WD Program
RRRF – Community Futures Program
Use of funds for the pre-payment of existing loan debt, outside of regularly scheduled debt payments, is prohibited.
DOCUMENTS REQUIRED INCLUDE:
Professionally prepared Financial Statements for the last 2 fiscal years (including an Income Statement and Balance Sheet)
Current year-to-date financials
A copy of current government issued photo ID
RRRF Loan Application
You will be asked to complete a Personal Statement of Affairs (PSA)
You will be asked to provide a 800 character description of your business
You will be asked to provide a 800 character description of the impact that COVID-19 had on your business
You will be asked to provide a 800 character description of how the RRRF will assist your business going forward
If this sounds like something you would be interested in to assist your business in recovering from COVID-19 disruption, please contact Client Services at wecinfo@wecm.ca or call 204.988.1860 to discuss further.